Problem 3-12 (AICPA Adapted)Loquacious Company prepared the following banireconciliation on June 30.Balance per bankDeposit in transitOutstanding checks9,800,000400,000(1,400,060)8,800,000Balance per bookThere were total deposits of P6,500,000 and charges for.disbursements of P9,000,000 for July per bank statement.All reconciliation items on June 30 cleared the bank on July31. Deposit in transit totaled P600,000 and checksoutstanding amounted to P1,000,000 on July 31.1. What is the adjusted cash in bank on July 31?a. 7,300,000b. 7,900,000с. 6,900,000d. 6,300,0002. What is the cash balance per book on July 31?а. 6,900,000b. 7,300,000c. 6,300,000d. 8,800,0003. What is the amount of cash receipts per book in July?a. 6,700,000b. 6,500,000с. 6,300,000.d. 7,100,0004. What is the amount of cash disbursements per book in Julv?а. 8,600,000b. 7,600,000с. 9,400,000d. 8,400,000

a) Adjusted cash in bank = Balance per bank + Total deposits - Disbursements…

Answered: 1. What is the adjusted cash in bank on…

1. What is the adjusted cash in bank on July 31? a. 7,300,000 b. 7,900,000 c. 6,900,000 d. 6,300,000 2. What is the cash balance per book on July 31? a. 6,900,000 b. 7,300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Problem 3-12 (AICPA Adapted)
Loquacious Company prepared the following bani
reconciliation on June 30.
Balance per bank
Deposit in transit
Outstanding checks
9,800,000
400,000
(1,400,060)
8,800,000
Balance per book
There were total deposits of P6,500,000 and charges for.
disbursements of P9,000,000 for July per bank statement.
All reconciliation items on June 30 cleared the bank on July
31. Deposit in transit totaled P600,000 and checks
outstanding amounted to P1,000,000 on July 31.
1. What is the adjusted cash in bank on July 31?
a. 7,300,000
b. 7,900,000
с. 6,900,000
d. 6,300,000
2. What is the cash balance per book on July 31?
а. 6,900,000
b. 7,300,000
c. 6,300,000
d. 8,800,000
3. What is the amount of cash receipts per book in July?
a. 6,700,000
b. 6,500,000
с. 6,300,000.
d. 7,100,000
4. What is the amount of cash disbursements per book in Julv?
а. 8,600,000
b. 7,600,000
с. 9,400,000
d. 8,400,000

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